U.S. Oct personal income rose 0.4 pct

Biz.Yahoo/Reuters ^ | November 26, 2003

[Starwind]

U.S. Oct personal income rose 0.4 pct
Wednesday November 26, 8:32 am ET

   WASHINGTON, Nov 26 (Reuters) - U.S. Commerce Department
personal income and spending estimates, in seasonally adjusted
annual rates.
 Percent Changes, current dollars
.                         Oct     Sep     Aug     Jul
Personal Income           0.4     0.3     0.3     0.3
  Wages/Salaries          0.2     0.1     0.2    unch
  Disposable Income       0.4    -1.0     1.0     1.6
Personal Consumption     unch    -0.3     1.0     0.9
  Durables               -2.3    -5.0     3.7     3.5
  Nondurables            -0.1     0.2     1.3     1.0
  Services                0.5     0.4     0.3     0.3
Saving Rate, pct          3.3     3.0     3.6     3.7
 Percent Changes, chained '96 dollars
.                         Oct     Sep     Aug     Jul
Personal Consumption     unch    -0.6     0.8     0.7
  Durables               -1.9    -4.6     3.9     3.8
  Nondurables             0.3    -0.5     0.7     0.8
  Services                0.3     0.2     0.1     0.1
Disposable Income         0.4    -1.2     0.7     1.5
 Percent Changes, chained '96 dollars
.                         Oct     Sep     Aug     Jul
PCE Price Index          -0.1     0.3     0.3     0.2
Core PCE Price Index      0.1     0.1     0.1     0.2
 Current Dollars, in billions
.                         Oct     Sep     Aug     Jul
Personal Income         9,313   9,278   9,249   9,219
  Wages/Salaries        5,125   5,116   5,110   5,097
  Disposable Income     8,270   8,239   8,320   8,240
 Personal Income by sector, current dollars, in billions
.                         Oct     Sep     Aug     Jul
Manufacturing             747     748     746     746
Service Industries      1,982   1,976   1,973   1,968
Government                892     891     891     890
Proprietors' Income       850     840     834     830
  Farm                     28      21      21      19
  Nonfarm                 822     819     813     811
Personal Consumption    7,770   7,771   7,795   7,716
  Durables                904     925     974     940
  Nondurables           2,274   2,277   2,273   2,243
  Services              4,591   4,569   4,549   4,534
 Chained '96 dollars, in billions
.                         Oct     Sep     Aug     Jul
Personal Consumption    6,832   6,829   6,869   6,818
  Durables              1,084   1,105   1,158   1,115
  Nondurables           2,026   2,021   2,030   2,016
  Services              3,765   3,754   3,746   3,742
Disposable Income       7,272   7,240   7,331   7,280
 FORECASTS:
 Reuters survey of Wall Street economists forecast:
 U.S. Oct personal income +0.4 pct
 U.S. Oct personal spending +0.1 pct

[Starwind]

The full BEA report is at PERSONAL INCOME AND OUTLAYS: OCTOBER 2003

[Starwind]

Fyi...

[Oldeconomybuyer]

"It's the economy, stupid".

[Semper Paratus]

Most professional 'rats are pulling the covers over the heads this morning.

[Always Right]

Looks like we are having an Income Bubble! Incomes are growing exponentially! Pretty soon we will all be making so much money we will drown in dollar bills. I am getting scared....

[Always Right]

Yep, its a bubble!

[Paradox]

Oh yeah? Well this isn't "real" income! This is fake income, in fact, its Monopoly money, yeah, thats it!

[eureka!]

The rise in personal income was concocted in Texas, a false pretense for a strong economy and based on lies, lies, lies, lies. /Senator Ted Kennedy (D-Syria).....

[imawit]

Good news.

Sell the news, buy the rumor I guess. Except for gold up, dollar down.

[Starwind]

Looks like your bubble chart burst.

And you are drowing in dollar bills (along with the rest of the world). Problem is they don't buy as much as they used to, but more than they will.

[Always Right]

And you are drowing in dollar bills (along with the rest of the world). Problem is they don't buy as much as they used to, but more than they will.

So what. With the growth in incomes and the growth in the economy, it eliminates any concerns that there is also a similar growth in debt. Debt may be growing exponentially, but so is income and so is the economy. Every fear-monger for the last thousand years have misused exponential growth curves to scare the ignorant.

[AntiGuv]

So what.

If the rate of income growth is lower than the rate of inflation, you are making less.

[Always Right]

If the rate of income growth is lower than the rate of inflation, you are making less.

Inflation has been low.

[AntiGuv]

I'm aware of that, but Starwind's statement was essentially indicating that inflation has been or will be higher than income growth. That was the answer to your 'so what' question. If each dollar is worth less, you need more of them to break even (just stating the obvious).

[Always Right]

I'm aware of that, but Starwind's statement was essentially indicating that inflation has been or will be higher than income growth.

Starwind is always professing gloom and doom. Until inflation ramps up, then worry about it. Right now everything looks good, improving employment and incomes, rising corporate earnings, low inflation, low interest rates, and strong growth. It takes some major spinning to be negative about the current direction of our economy.

[superloser]

It takes some major spinning to be negative about the current direction of our economy.

It is a little disconcerting that commodities are at a near-seven-year high. No inflation? Hmmmm...if they drop, maybe. If they keep climbing and don't come down, well, there's your inflation.